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Make the entry to record the first interest payment

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Problem - On the first day of the fiscal year, a company issues an $806,000, 6%, five-year bond that pays semiannual interest of $24,180 ($806,000 x 6% x 1/2), receiving cash of $757,600. Make the entry to record the first interest payment and the amortization of the related bond discount using the straight-line method. If an amount box does not require an entry, leave it blank.

Reference no: EM132967322

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